Market-to-Book |
MBit = MVit /BVit
|
Negative |
Clarke and Shastri (2000)Clarke, J., & Shastri, K. (2000). On information asymmetry metric. SSRN Working Paper. Retreived from http://papers.ssrn.com/sol3/papers.cfm?abstract_id=251938
http://papers.ssrn.com/sol3/papers.cfm?a...
; Diamond and Verrecchia (1991)Diamond, D. W., & Verrecchia, R. E. (1991). Disclosure, liquidity, and the cost of capital. The Journal of Finance, 46(4), 1325-1359.. |
Volatility |
|
Negative |
Halov and Heider (2011)Halov, N. & Heider, F. (2011). Capital structure, risk and asymmetric information. Quarterly Journal of Finance, 1(4), 767-809.; Murcia et al. (2011)Murcia, F. D. et al. (2011). Impacto do nível de disclosure corporativo na volatilidade das ações de companhias abertas brasileiras. Revista de Economia e Administração, 10(2), 196-218.; Martins and Paulo (2014)Martins, O. S., & Paulo, E. (2014). Assimetria de informação na negociação de ações, características econômico-financeiras e governança corporativa no mercado acionário brasileiro. Revista Contabilidade & Finanças, 25(64), 33-45.. |
Intangibility |
INTit = IAit / TAit
|
Negative |
Barth and Kasznik (1999)Barth, M. E. & Kasznik, R. (1999). Share repurchases and intangible assets. Journal of Accounting and Economics, 28, 211-241.; Kang and Gray (2011)Kang, H. H., & Gray, S. J. (2011). Reporting intangible assets: voluntary disclosure practices of top emerging market companies. The International Journal of Accounting, 46(4), 402-423.. |
Beta |
|
Negative |
Amorim (2010)Amorim, A. L. G. C. (2010). Análise da relação entre a informação contábil e o risco sistemático. Tese de Doutorado, Universidade de São Paulo, São Paulo, Brasil.; Martins (2012)Martins, O. S. (2012). Relações entre a assimetria de informação e as características das empresas no mercado acionário brasileiro. Tese de Doutorado, Programa Multi-institucional e Inter-Regional de Pós-Graduação, Universidade de Brasília, Brasília, Brasil.. |
Return on Asset |
ROAit = NPit / TA
(it–1)
|
Positive |
Barber and Lyon (1996)Barber, B. M. & Lyon, J. D. (1996). Detecting abnormal operating performance: the empirical power and specification of test statististics. Journal of Financial Economics, 41(3), 359-399.; Ettredge et al. (2002)Ettredge, M., Richardson, V. J., & Scholz, S. (2002). Dissemination of information for investors at corporate websites. Journal of Accounting and Public Policy, 21(4/5), 357-369.; Lefort (2005)Lefort, F. (2005). Ownership Structure and Corporate Governance in Latin America. Abante - Escuela de Administracion, Pontificia Universidad Católica de Chile, 8(1), 55-84.; Leal and Carvalhal-da-Silva (2005)Leal, R. P. & Carvalhal-da-Silva, A. (2005). Corporate governance and value in Brazil (and in Chile). InterAmerican Development Bank Research Network Working paper, 2005. Retreived from http://www.iadb.org/res/pub_desc.cfm?pub_id=R-514
http://www.iadb.org/res/pub_desc.cfm?pub...
; Bollen et al. (2006)Bollen, L., Hassink, H., & Bozic, G. (2006). Measuring and explaining the quality of internet investor relations activities: a multinational empirical analysis. International Journal of Accounting Information System, 7(4), 273-98.; Gandia (2008)Gandia, J. L. (2008). Determinants of internet-based corporate governance disclosure by Spanish listed companies. Emerald Online Information Review, 32(6), 791-817.; Garay et al. (2013)Garay, U. et al. (2013). Internet-based corporate disclosure and market value: Evidence from Latin America. Emerging Market Review, 17(1), 160-168.. |
Return on Equity |
ROEit = NPit / (E(it–1) – NPit) |
Positive |
Total Return to Shareholders |
|
Positive |
Ross, Westerfield and Jaffe (2002)Ross, S. A., Westerfield, R. W. & Jaffe, J. F., (2002). Administração financeira: corporate finance. Tradução de Antonio Zoratto Sanvicente. São Paulo: Atlas.; Perez (1995)Perez, M. M. (1995). Métricas de retorno e a geração de valor ao acionista. Unisanta - Law and Social Science, 4(2), 189-202.. |
Return to Creditors |
RCit = IEit /OLit
|
Positive |
Botosan and Plumlee (2002)Botosan, C. A., & Plumlee, M. (2002). A re-examination of disclosure level and the cost of equity capital. Journal of Accounting Research, 40(1), 21-40.; Hail (2002)Hail, L. (2002). The impact of voluntary corporate disclosures on the ex-ante cost of capital for Swiss firms. The European Accounting Review, 11(4), 741-773.; Verrecchia (2001)Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1/3), 97-180.. |